Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Before we talk about the best TD credit cards in Canada, let’s talk about TD. Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s big five banks. It offers a wide array of financial services including an impressive portfolio of mo.... More »
We are excited to announce that RateSupermarket.ca will become RATESDOTCA. Don’t worry, besides a name change, how you compare the best credit cards and mortgage rates will remain the same. What does this mean for you? Our name is changing, but rest assured, everything else will remain the same. .... More »
The major Canadian banks are preparing for the end of the deferral period and offering to work with clients to ensure they can continue to meet their financial obligations in a manageable way, Elaine Smith writes..... More »
For a limited time, new Aeroplan members can get 2,500 bonus miles (soon to be Aeroplan points) when they join and earn their first mile before the end of September 2020. Members can earn miles through in-store and online purchases at partner brands by scanning their Aeroplan card or using their Ae.... More »
The number of Canadians redeeming credit card points for everyday purchases is surging during the pandemic, according to a study by CIBC. Typically, Canadians would use their credit card points to travel this time of year. However, COVID-19 continues to restrict border crossings and flights, which .... More »
Nearly nine out of 10 Canadians have a credit card, according to Payments Canada. Not only that, but Canadians are also heavy credit card users, coming in second to South Korea in credit card volume per capita.
The study found that the extraordinary credit card use is fuelled by key factors such as credit card rewards and the expansion of e-commerce in the country.
But where does it all start? According to a global report by TransUnion, 63% of Gen Z consumers, over 18 in Canada, are credit-active. Of that population, nearly all have a credit card.
Yet, the study also suggests new-to-credit consumers often have lower credit limits, which can lead to higher utilization rates and, in turn, negatively impact consumers’ credit scores.
However, the report found that a significant number of Gen Z consumers are in the prime and above credit tiers, generally associated with an acceptable risk level for new credit products.
Further findings indicate that in established credit markets, such as Canada, Gen Z consumers “are clearly interested in — and receiving — cards…